On April 13, the cryptocurrency market was once again in turmoil. In particular, the price of Bitcoin plummeted by more than $6,000, from $67,100 to below $61,000. In just 24 hours, nearly 296,300 people suffered from liquidation.

In the past 24 hours, the virtual currency market has experienced a massive liquidation, with a total of 296,300 people being liquidated and a total loss of $920 million. The price of Bitcoin has fallen sharply in the past two days, from $71,000 to below $65,000, and even below $61,000. As of now, the price of Bitcoin is reported to be $64,536. At the same time, the entire cryptocurrency sector, including Ethereum, Dogecoin, and SOL coin, has also seen a sharp decline.

At present, there are several main viewpoints in the market:

The increased uncertainty about the Fed's rate cut policy has confused mainstream institutions. Previously, they might have guessed that the rate cut might be in May, June or July, but now they are not sure. The high inflation rate in the United States and some hawkish remarks from the Fed have also added to the uncertainty.

Geopolitical factors are also at play, especially tensions between Iran and Israel, which could erupt into conflict at any time, which is spooking markets.

Bitcoin miners may face massive selling pressure in the next two to three months.

From my point of view, these are just superficial reasons. In fact, some behind-the-scenes capitalists may be taking advantage of this situation to reap profits. The crypto market has been rising continuously for about half a year, and now it may be time for a wash. No financial market can rise forever, nor fall forever. Rise and fall are normal. Investors should pay attention to risks and be prepared to deal with them.

Market Review: BTC/ETH remained active over the weekend, with a downward trend and a fluctuation range of about 5%. However, altcoins generally experienced a sharp correction, and some even fell below the bottom range and returned to the level at the beginning of the market. For investors holding altcoins, it is still wise to keep holding spot. In a bull market, such fluctuations are not uncommon, so there is no need to panic, and the overall trend is still upward. In addition, excessive use of contract leverage in such fluctuations should be avoided.

Today's analysis: BTC: The price stopped falling at $60,815 on Sunday, forming a double bottom structure at the daily level, and the MACD indicator also returned to below the 0 axis. It is expected that BTC will have a certain rebound before the production cut, and the target price may reach around $70,000.

ETH: The MACD indicator in the four-hour chart of ETH/USDT shows signs of divergence, and the price is expected to rebound to around US$3,330 in the near future.

Yesterday, global markets once again went into a frenzy.

Not only the crypto market, but the entire global financial market experienced a frenzy last night. The price of gold, which had risen to an epic high, started to fall around 23:00 Beijing time, falling by nearly $100 at one point, which should be one of the largest intraday declines in history.

At the same time, US crude oil and Brent crude oil also fell, starting a continuous decline of $2 from their highs.

U.S. stocks fell across the board, with declines of more than 1%. The Dow Jones fell 1.24%, the S&P 500 fell 1.46%, and the Nasdaq fell 1.62%. Meanwhile, Wall Street's "fear index" - the VIX index - soared to levels last seen in October.

A Wall Street Journal report that Iran could attack Israel within the next two days has put global markets on edge, sparking a market-wide scramble for safety on Friday, prompting traders to sell stocks and buy gold and the dollar.

However, in the evening, everything fell into a downward trend: the price of gold began to fall from the high point of the day, falling by nearly $100 at one point, setting the largest intraday drop in history. Oil prices also fell by more than 1%, and the US stock market fell across the board, also falling by more than 1%. Bitcoin even lost a week's gain overnight.

Market sentiment reached the point of "collapse" twice in one day. First, "gold, crude oil, and the US dollar" soared on the same day, reflecting the huge impact of the crisis on the market. Then, "gold, crude oil, and US stocks" fell together, making people feel the beginning of the plunge.

The Federal Reserve has been working to curb market volatility since it started its rate hike cycle in March 2022. Now, as the consensus of "rate cut expectations" has been lost, the market has become more volatile.

First, Monday will never be peaceful. Just like a ball falling from a high altitude, it will not stop on the ground immediately, but will bounce back and cause secondary disasters. If Iran launches an attack on Israel during the weekend, then on Monday we will see a rare scene in decades.

Second, panic has returned to the U.S. stock market, with the Chicago Board Options Exchange Volatility Index (commonly known as Vix) breaking through 17 on Friday and closing at its highest level since October last year - indicating that investors are betting on rising turbulence. In addition, according to Bank of America data, U.S. large-cap stocks just recorded the largest weekly outflow of funds since December 2022 in the week ending Wednesday.

Third, the US dollar index has risen to its highest point this year and closed at its lowest point on Friday, with no sign of stopping. If the US dollar continues to rise, it will have a serious impact on the world.

The financial market is like a wild horse that can run wild and go anywhere.

1. No one knows why the gold price plummeted, just like no one could explain why it soared.

The only thing that is certain is that the volatility of global markets will increase significantly because the market has lost consensus on the timing of the Fed's first interest rate cut. Wall Street has given various answers, including June, July, September, December or no interest rate cut this year.

"When will the Fed cut interest rates?" is like a beacon on the road for the market, and when the light goes out, investors lose their direction. It's like a customer shopping in a mall, and the light suddenly goes out when he's buying something. Panic will definitely follow, and people subconsciously want to escape, but they can't find the exit, which can easily cause a stampede - this is what is happening in the financial market now.

2. The decline of US stocks is different from the past. In the past, the Fed could hint at easing policy, but now the Fed has nothing. This week, many senior Fed officials gave speeches, and they maintained unprecedented unity, "not in a hurry to cut interest rates, it is not time to cut interest rates yet." Now the Fed does not know when to cut interest rates, and they are waiting for guidance from economic data. The current crisis may last at least until April 29.

3. Geopolitical risks make this crisis more complicated. What the financial market knows is that Iran could and will attack Israel at any time. Investors are always in a state of being on high alert. They cannot cope with the sudden change in the Fed's interest rate cut expectations and the risk of war that may break out at any time. It's like a shopping mall with a power outage and an earthquake. It's hard for people inside to escape. What we need to do now is not to study what just happened, but to find a place to hide.

This is a profound revolution in the global market.